By Mohammed Waseem
We have come across unique ways to transfer money which use various channels. Here is something interesting and unexpected.
It is the use of social media for transferring money. At times we are in need of money and our friends lend us some. We usually return to them cash when we have enough, and a few of us use other ways. But a bank in Canada has collaborated with the powerful social networking website – Facebook, enabling account holders to transfer money to people in their friend list. $1-$1.50 is charged for each transfer. The receiver gets a notification on Facebook, directing them to login to the financial institution of their choice and deposit the funds.
The bank in question is Royal Bank of Canada. The person-to-person e-transfer happens on a mobile phone using the RBC’s existing mobile banking app. After logging into the app, the account holder has to select the option to send money with Facebook, allow the app to access the Facebook profile, email address and friend list, select a friend from the list that appears, enter account details and transfer amount and confirm payment.
RBC uses Interac e-transfer for this service. Interac is a Canadian money transfer service that can be used by most of the Canadians who use online banking. It is available for more than 200 financial institutions across Canada, and RBC is one of them. Every bank which has a secure mobile banking app uses a secure network for transactions carried out through the app; RBC calls it RBC Secure Cloud, which is a cloud-based solution for money transfer using mobile phones. As RBC claim, “Keeping sensitive client data secure with RBC in the cloud, not on the phone, makes RBC Secure Cloud a safer, faster, more flexible solution.”
This service is only available for Facebook users in Canada. According to Facebook, they have over 9.4 million daily mobile users in Canada. And this service seems to work very well. Reports claim that RBC will donate C$1 for every Interac e-transfer using Facebook in support of Kids Help Phone, an NGO in Canada.